Opened image in PS 7.1.
Made a copy of bg layer.
Ctrl-clicked RGB icon in Channels palette.
Went to Select>Inverse.
Hit Delete and got the text on transparency (what you wanted).
Ctrl-clicked New Layer icon in Layers Palette (loads new layer *under* current selected layer).
Got a blue forground colour.
Hit Alt+Backspace to fill.
Hope you like.
-- Jiger --